SunCoke Energy, Inc.
) incurred a first quarter loss of 11 cents per share, much wider
than the Zacks Consensus Estimate of a loss of 1 cent per share.
In the prior-year quarter, the company had reported earnings of 3
cents per share.
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The year-over-year decline was due to the impact of severe winter
climate on coke making yields and production along with the
Indiana Harbor refurbishment.
SunCoke Energy's first quarter total revenue was $359.6 million,
down 20.8% from $453.9 million a year ago.
The year-over-year decline in revenue was a result of the
pass-through of lower coal prices and reduced coke sales volume
in its Domestic Coke segment. Another reason was a $22 per ton
decline in the average coal sales price, partially offset by
higher coal sales volume in its Coal Mining Segment.
Cost of product sold and operating expenses in first quarter 2014
was $304.0 million, down 20.5% from the prior-year period.
However, selling and administrative expenses increased to $21.9
million from $20.6 million a year ago.
Operating income plummeted 82.6% to $4.7 million. Interest
expenses declined 23.4% to $12.1 million from $15.8 million a
Cash and cash equivalents as of Mar 31, 2014 were $178.2 million
versus $233.6 million as of Dec 31, 2013.
Long-term debt was $647.9 million as of Mar 31, 2014 compared
with $648.1 million as of Dec 31, 2013.
Net cash used in operations was $11.3 million in the reported
quarter versus $12.8 million of net cash provided by operating
activities in the prior-year period.
SunCoke expects its domestic coke production in 2014 to be 4.2
million tons, while coal production is anticipated to hit 1.3
Earnings per share for 2014 are expected in the range of 8 cents
to 33 cents per share, with adjusted EBITDA ranging between
Total capital expenditure in 2014 is expected to be around $138
Other Upcoming Releases
Oxford Resource Partners, L.P.
) is slated to release its first quarter earnings on May 21. The
Zacks Consensus Estimate is currently placed at a loss of 29
cents per share.
Rhino Resource Partners LP
) is expected to release its first quarter earnings on May 1. The
Zacks Consensus Estimate is at 3 cents per share.
Alliance Resource Partners LP
) is scheduled to release its first quarter earnings before the
market opens on Apr 28. The Zacks Consensus Estimate is pegged at
a loss of $1.74 per share.
SunCoke Energy currently carries a Zacks Rank #3 (Hold).